Light Secures $30 Million to Propel Global Expansion of AI-driven Financial Platform
Date: September 25, 2024
Funding and Expansion Plans
Light, an innovative leader in artificial intelligence-driven financial solutions, has successfully raised $30 million in a Series A funding round. This capital infusion is aimed at accelerating the company’s global expansion efforts and improving its AI-Native financing platform, specifically designed to meet the unique needs of hypergrowth companies.
New Office and Team Growth
The funds will enable Light to establish a new office in New York, significantly expanding its operational footprint in the United States. In addition, the company plans to triple its engineering staff, thereby enhancing its capacity for innovation and service delivery. This growth will facilitate the optimization of business processes and further enhance their deployment services.
Features of the AI-Native Platform
Light’s AI-Native platform stands out for its ability to manage vast amounts of data, handling over 280 million records in under a second. It generates financial assessments instantaneously, supports multi-entity global payments, and offers precise spending management—all tailored for companies experiencing rapid growth. This platform is not just a modernization of existing solutions; it represents a fundamental shift in financial software.
Innovative Approach to Financial Software
According to Jonathan Sanders, the founder and CEO of Light, “We do not correct old systems with chatbots. We have built financial software from the ground up, designed for how companies operate today.” This statement underscores the company’s commitment to innovation and efficiency, allowing businesses to streamline their financial operations without relying on outdated technology.
Support from Industry Leaders
Rob Moffat, a partner at Balderton Capital who led the funding round, commented on Light’s unique approach. He noted that while numerous financing platforms merely tweak existing solutions, Light completely disconnects from the conventional playbook. By building a new comprehensive ledger from scratch, Light has unlocked the full potential of AI in financial technology.
Significant Growth and Client Success
In the past 12 months, Light has experienced remarkable growth, boasting a 30x increase in its customer base. Clients report a staggering 84% reduction in financing times after transitioning from legacy corporate resource planning systems to Light’s AI-Native platform. This transformative impact showcases the platform’s effectiveness in enhancing financial management efficiency.
Future of Generative AI in Finance
A recent Pymnts Intelligence Report highlights that the role of generative AI in finance is on the rise. CFOs increasingly embrace advanced technologies for impactful tasks, indicating a significant trend towards smarter financial operations. Light stands at the forefront of this evolution, ready to address the evolving demands of the finance sector.